4.14 Tuesday, early morning spike—don’t chase; first look for the pullback to short.

After Bitcoin probed the 70,500 area for the day’s low yesterday, it has been consolidating and moving upward. From midnight into the morning, it kept rising all the way, finally breaking through the downward trend defense at the 74,000 level. Now, after reaching the 74,800 area at the high, it met resistance and pulled back. Yesterday, after giving a high-short idea and taking a small 600-point drop, the second short in the evening was forced to stop out with no choice! Adults only discuss success or failure! A momentary right or wrong doesn’t mean much. In the Asian session, there was a strong surge to the upside. For today, first look for a pullback and correction.

Looking at the current 4-hour trend, there are consecutive bullish days pushing up and rallying. In the short term, the bulls are relatively strong. The K-line has three consecutive bullish candles with solid real-body energy. The MACD indicator on the chart shows bearish momentum shrinking; the energy histogram has returned above the zero line. Although the short-term trend favors the bulls, there is an overbought signal on the hourly chart. So at this time, don’t chase the rally; after the spike, there will be a correction. In the short term, first short—short directly around 74,500. Expect a correction of 1,000-1,500 points on the way back.

Tuesday morning recommendation: short BTC at 74,800-75,500, targeting the 73,000-72,000 area$BTC